Memory care assisted living costs thousands of dollars per month and can quickly drain a senior’s savings. Luckily there are ways for older adults to get the care they need at a more affordable price point. Here are eight viable alternatives to memory care assisted living that are worth considering.
1. Enroll in Adult Day Care
Many seniors have children or relatives who would love to care for them but can’t due to their work schedule. Adult daycare may be a good solution for these families. Daycare centers are usually open on weekdays during business hours, allowing family caregivers to drop off their loved ones before work and pick them up afterward. Many daycare centers have memory care programs and are equipped to watch over seniors with Alzheimer’s and dementia. On average, these programs cost $1,700 per month, which is less than half of the cost of assisted living.
2. Get Paid to Be a Family Caregiver
Did you know that family members can get paid to take care of their elderly loved ones? Some states have nursing home diversion programs that compensate family caregivers for their time. Medicaid sometimes pays for personal care services and may allow a senior’s family member to provide them. Older adults who have a long-term care insurance policy can often use the benefits to pay a family caregiver. The VA also has a program that provides a monthly stipend to primary caretakers of veterans.
3. Take Advantage of Respite Care Programs
If you’re caring for an elderly loved one, another resource you can take advantage of is free or low-cost respite care. Organizations like the Alzheimer’s Association and the National Family Caregiver Support Program provide grants for respite care, allowing family caregivers to take a much-needed break. Although these programs can’t be relied on as a primary source of care, they can reduce the number of caretaking hours that seniors and their families have to pay for. Plus, they can help the primary caregiver get the rest they need and avoid burnout.
4. Consider In-Home Care
Many people believe that in-home care is more expensive than assisted living. However, for seniors who need less than 40 hours per week of help, in-home care may actually be cheaper. The cost of in-home care services ranges from $16 to $28 per hour. Independent caregivers often charge less than in-home care agencies, providing additional savings. However, depending on how many hours they work, independent caregivers may be classified as household employees. So families who hire them should be prepared to take on the responsibilities of an employer, such as managing payroll and taxes.
5. Look Into Adult Family Homes
Adult family homes provide care to seniors in a residential setting. The staff assists residents with activities of daily living such as preparing meals and getting dressed. Residential care homes usually have shared accommodations and limited amenities, which is why they’re often cheaper than assisted living facilities.
6. Move Into an Independent Living Community
Independent living communities are 30% to 50% cheaper than assisted living facilities. They’re designed for seniors who are looking for a maintenance-free lifestyle and offer amenities like 24/7 security, meal services, and transportation. These communities usually don’t provide much support with activities of daily living, so they aren’t a direct substitute for assisted living. However, seniors could hire a private caregiver for a few hours per week to help fill in the gaps, potentially allowing them to maintain their independence for longer.
7. Qualify for Medicaid
With proper estate planning, many seniors can qualify for Medicaid. Although Medicaid doesn’t usually cover room and board at an assisted living facility, it does pay for certain support services, which can help reduce the cost of memory care. Low-income seniors may also qualify for financial assistance programs offered by the state or certain assisted living facilities. These programs can help cover the expenses that Medicaid doesn’t, making memory care assisted living a more affordable option.
8. Use Veterans Benefits
Seniors who served in the armed forces may be eligible for VA programs like Community Residential Care and Aid and Attendance. These programs provide financial assistance to veterans who need personal care services and may help cover the costs of memory care assisted living.
Finding Affordable Elder Care Is Possible
It’s easy to get discouraged looking at the high sticker prices of memory care assisted living. However, affordable senior care options are available. There are programs and resources to help older adults get the care they need without quickly depleting their savings.
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